Float Review
Float is a Canadian financial technology company (a registered money services business that is not a bank) offering CAD and USD business accounts held in trust at partner banks, plus corporate cards, bill pay and expense software for small and mid-size companies.
Independently scored, one dimension at a time. Every dimension is sourced, and we say whether a claim is published, reported, or estimated.
The business accounts page says applying takes about 5 minutes online and lists account setup as 1 day; the cards page says business verification takes under 24 hours with no credit check or personal guarantee (checked 11 October 2026). A customer quoted on the site reports a fully active account 48 hours after sign-up. QuickBooks Online and Xero connect natively on the free plan, while the integrations page warns that NetSuite needs extra manual setup steps.
Plan prices are public in CAD on the pricing page (checked 11 October 2026): $0 Essentials, $10 a user a month Professional with a $100 monthly starting price, Enterprise by quote. The $20 wire fee, 0.25 percent FX fee and 1.5 percent international markup are published on product pages. There is no single dated fee schedule, the balance interest rate carries no as-of date, and two pages disagree on which plan includes global wires.
The integrations page (checked 11 October 2026) documents native two-way sync with QuickBooks Online, Xero and NetSuite: chart of accounts, vendors and tax codes flow in, and coded transactions, reimbursements and bills flow out. NetSuite sits on the Professional plan and exports journal entries tagged by department, location, class and custom segment. Sage Intacct, Microsoft Dynamics and Rillet are marked coming soon, a QuickBooks bank feed is still "in discovery", and the public API and webhooks cover the rest.
Float's user guide (dated 27 May 2026) lists six roles from Primary Administrator to Spender, and the payments page says invoice approval and funds release can sit with two different people. The pricing table (checked 11 October 2026) puts activity logs and MFA on every plan and SAML SSO on Professional; the security page cites SOC 2 Type 2 and PCI-DSS and mentions no SOC 1 report. On disclosure, every page footer says Float is not a bank, but product pages lead with "CDIC insured" while the terms say funds "may be eligible" for deposit insurance through partner institutions.
The pricing table (checked 11 October 2026) lists email, live chat and phone support on every plan, with service in English and French. Priority support and implementation help start on Professional, and a dedicated customer success manager is Enterprise only. The business accounts FAQ says the support team works 7 days a week; response-time targets are not published.
Float Business Accounts hold CAD and USD with account details for EFT, ACH and wire, alongside Visa cards in CAD, Mastercard cards in USD, bill pay, reimbursements and Charge credit of up to $3M on 30-day terms (product pages, checked 11 October 2026). EFT, ACH and SEPA payments are free and payouts cover 21 currencies. The product pages list no cheques, cash deposits, sub-accounts, customer invoicing, revolving credit line or treasury product, and withdrawals to an outside bank take 2 to 5 business days through support.
Balances are held in CAD and USD only, and payouts reach 21 currencies per the payments page (checked 11 October 2026). The cardholder agreement caps spend for each card user at CAD $750,000 a day and $3,000,000 a month, and the USD ACH schedule lists $5,000,000 a day and $8,000,000 a month per account. Multi-entity structure is documented only through NetSuite subsidiaries and a subsidiaries API endpoint; Float does not publish how many entities one login covers, and credit stops at 30-day Charge terms.
The public API docs (docs.floatfinancial.com, read 11 October 2026) list 72 REST operations with an OpenAPI schema and webhooks, but the payments endpoints are read only and no first-party MCP server appears in the docs or the public MCP registry. In the product, the transaction coding agent launched on 21 April 2026 for Professional and Enterprise plans. Its 95 percent precision figure is the vendor's claim from its own beta.
Cards, bill pay and CAD and USD accounts in one Canadian platform; a fintech holds balances in trust at banks.
Written by the Audit Friendly research team. No vendor edits, no sponsored placement.
Float is spend software first. Cards, bill pay, reimbursements and approvals came before the account, and the Business Account (launched 9 September 2025) lets a company keep its operating balance next to that spend. The buyer gets one login, native sync to QuickBooks Online, Xero or NetSuite, and public pricing that starts at $0.
Float is not a bank. Balances are held in trust by a money services business at partner institutions, and the terms say deposit insurance "may" apply through those partners, which is softer than the "CDIC insured" line on the product page. The account holds CAD and USD only. There are no cheques, cash deposits or branches, and moving money back to an outside bank takes 2 to 5 business days through support, per the site (checked 11 October 2026).
Before signing, ask Float to confirm in writing which institution holds the trust account, how CDIC coverage applies to the company's balance, whether global wires are on the Essentials plan, the currency of the wire fee, the cap behind the "caps apply" footnote on interest, and whether Sage Intacct sync is live. Ask for the SOC 2 Type 2 report from the trust centre.
- A Canadian company of 10 to 200 people that wants cards, bill pay, reimbursements and its operating balance in one login with QuickBooks Online or Xero sync
- A finance team on NetSuite that needs card and bill spend coded by subsidiary, department and location before export
- A Canadian business paying US vendors that wants a USD balance and USD cards without opening a US bank account
- Companies that write cheques, deposit cash or need a branch
- Groups with entities outside Canada or balances in currencies other than CAD and USD
- Teams that want an AI agent or a script to initiate payments through an API
The jobs a finance team actually hires Float for
Jobs, mapped to how finance teams actually buy.
Keep the operating balance next to card and bill spend
A Business Account holds CAD and USD with account details for EFT, ACH and wire. Cards, bill pay and reimbursements draw on the same balance, so a small finance team works in one login. Balances are held in trust at partner institutions; Float is not a bank.
Pay vendors with a second approver on release
Bills arrive, are coded and routed through approval levels set by amount. The payments page says invoice approval and funds release can sit with two different people. EFT, ACH and SEPA are free; wires cost $20 and international payments add a 1.5 percent markup (published, checked 11 October 2026).
Close card spend into the ledger
QuickBooks Online, Xero and NetSuite sync chart of accounts, vendors and tax codes into Float and take coded, receipted transactions back. NetSuite exports journal entries tagged by department, location, class and custom segment. Merchant rules and bulk coding cut the manual pass.
Pay US vendors from a USD balance
A Canadian company can hold USD, receive USD by ACH, convert in the app and issue USD cards without a US bank account. The conversion fee is charged in the currency being converted from. The USD card and the USD ACH account come from Thread Bank, per the legal page.
First-pass GL and tax coding by an agent
The transaction coding agent suggests GL codes and GST, HST, PST and QST treatment on card transactions and holds back when confidence is low. It is available on Professional and Enterprise plans only. The accuracy figure is the vendor's own measurement across 350+ beta customers.
Run card spend on 30-day credit
Charge gives eligible companies unsecured credit repaid in full each term, with no personal guarantee. Float asks for at least CAD $50,000 in cash on hand and either 12 months of operating cash or consistent profitability. Non-profits and cryptocurrency businesses are excluded.
Watch the same task in each tool
Forget the 40-row feature grid. Pick a finance workflow and see how this tool and its closest peers actually do it, with our verdict on who wins for whom.
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What it actually costs
Here's what it really costs: published rates where a vendor lists them, aggregated quote data where they don't, plus a path to your own number.
Up to 20 physical and unlimited virtual cards, CAD and USD business accounts, bill payments from the Float balance, QuickBooks Online and Xero sync, MFA, and email, chat and phone support.
Active user pricing with the first 10 users included. Adds unlimited physical cards, multi-level approvals, delegate access, NetSuite sync, SAML SSO, priority support and the transaction coding agent. 90-day free trial.
Custom pricing and cashback, custom implementation and data migration, a dedicated customer success manager and custom Charge credit terms.
No monthly account fee and no minimum balance, per the business accounts page (published, checked 11 October 2026).
Sending and receiving by EFT and ACH is free; the payments page also lists SEPA as free (published, checked 11 October 2026).
The cardholder agreement says Float charges no fees for card issuance, activation, use, maintenance, dormancy or expiry. Third parties may still charge fees.
Per outgoing wire, per the payments FAQ (published, checked 11 October 2026). Float does not charge to receive a SWIFT transfer, but intermediary banks may deduct fees.
Charged in the currency being converted from, per the foreign exchange page (published, checked 11 October 2026).
Applies to payouts in the 21 supported currencies, per the payments FAQ (published, checked 11 October 2026).
Charged on overdue amounts owed to Float, compounded monthly (19.56 percent annually), per the Terms of Service last updated August 2026.
Site says, as of checked 11 October 2026: every Float Business Account earns 2.5 percent on CAD and 2.75 percent on USD balances, calculated daily and paid monthly. This is a variable interest rate on cash balances that Float holds in trust. No securities product is involved, and Float's terms say the account creates no deposit-taking relationship with Float. The site shows no as-of date for the rate, a footnote says caps apply without stating the cap, and the pricing page says Float may change the rate at any time without notice.
What it actually takes to go live
The site says: "Float Financial Solutions Inc. ("Float") is a financial technology company registered with FINTRAC as a money services business (M23497654). Float is not a bank." (https://floatfinancial.com/business-accounts, checked 11 October 2026). The business accounts FAQ names Scotiabank as the holder of the trust accounts, while the page footer says only "one or more Canadian financial institutions". Float's terms add that nothing in the account section "creates a banking, deposit-taking, or savings account relationship between Float and Customer". USD ACH payments and the USD card run through Thread Bank, and CAD transfers through JPMorgan Chase Bank, N.A., Toronto Branch, per the payments terms (last updated 9 January 2026).
The business accounts page says: "Funds are CDIC insured up to $100,000 and held in trust." and states that the limit is combined across CAD and USD balances (checked 11 October 2026). The Terms of Service (last updated August 2026) say customer funds "may be eligible for deposit insurance through Float's partner financial institutions, subject to applicable limits and conditions". The cardholder agreement adds that coverage "may apply only where, and to the extent that, such an account is structured to meet CDIC's requirements for trust deposits". Ask Float how the trust account is structured and get the answer in writing.
Float has published three interest structures since the account launched on 9 September 2025: a headline maximum rate at launch, a higher base rate under the same maximum in its 26 January 2026 release, and now one rate for all balances with no spending thresholds, "Starting June 1" (site checked 11 October 2026). The current figures are listed in the pricing rows. The pricing page footnote says: "Float may change Yield rates at any time without notice." Another footnote says caps apply and does not state the cap, and the site shows no as-of date for the rate.
The business accounts FAQ says customers withdraw by contacting the support team and that funds take "2-5 business days" to arrive in the connected bank account (checked 11 October 2026). Vendor payments by EFT, ACH or wire are self-serve, but a sweep back to a main bank is slower than the "instantly" wording higher on the same page suggests. The product pages list no cheques and no cash deposits. Plan payroll funding and tax remittances around the transfer window.
The integrations page marks Sage Intacct, Microsoft Dynamics and Rillet as "Coming Soon", yet the payments FAQ lists "QuickBooks Online, Xero, Sage Intacct and NetSuite" as supported (both checked 11 October 2026). The pricing table ticks global wires on all three plans, while the payments FAQ says global wires "sit on Professional and above". The pricing page also applies one interest rate to CAD and USD funds where the account page gives a separate USD figure. Get the current position on each in writing.
The Terms of Service (last updated August 2026) say: "While Float may advertise certain services as having no fees, Float reserves the right to introduce or modify fees upon prior notice as required under this Agreement." Section 10.2 sets that notice at not less than thirty days. Section 2.4 also lets Float introduce minimum balance requirements or limits on Business Accounts. Either party can end the agreement on 30 days' written notice, so the exit window matches the fee notice window.
Scored on what an outside agent can actually reach: the documented API, how it authenticates, and whether the vendor ships an MCP server.
Exists: Float publishes a REST API at docs.floatfinancial.com with an OpenAPI schema, bearer token authentication and webhooks (read 11 October 2026). No first-party MCP server is documented or listed. The public MCP registry returned no Float Financial entry, a GitHub repository search for floatfinancial and mcp returned nothing, and the six public repositories in the floatfinancial GitHub organisation are forks of open-source libraries (all checked 11 October 2026).
Scope: The API reads accounts and balances, account transactions, card transactions, cards, bills, payments, reimbursements, receipts, recipients, vendors, users, teams, approval policies and subsidiaries. Write endpoints maintain accounting lists (GL codes, tax codes, custom fields and vendors), set the accounting stage and posting date on card transactions, mark bills and reimbursements as synced, mark reimbursements as paid, manage accounting connections and webhook subscriptions, and create users in any of six roles, including administrator. The bulk bill update endpoint can set a bill's status to PENDING_APPROVAL, PENDING_PAYMENT_APPROVAL or MARKED_AS_PAID, and the docs do not say how that interacts with approval policies. The API returns the coding on a transaction and has no field to write it; the accounting guide says spenders code in the Float app. The payments endpoints only list and retrieve, and no documented endpoint creates or releases a payment (docs.floatfinancial.com, read 11 October 2026).
Turnkey: No. A developer has to wrap the REST API in a tool or connector and manage the bearer token. Rate limits and a sandbox are not described in the public docs. Generic automation catalogs were not counted.
In-product AI: Float Intelligence launched on 21 April 2026. Its transaction coding agent assigns GL and Canadian tax codes to card transactions and is limited to Professional and Enterprise plans. The vendor claims 95 percent precision in a beta across 350+ businesses and says the agent only auto-codes above a confidence threshold; no independent test confirms the figure. According to Float, inference runs on Amazon Bedrock inside its own AWS environment.
Float, kept current
Float announced an all-equity Series C with Goldman Sachs Alternatives, BDC Capital and Northleaf participating, and said it has raised CAD $300M in debt and equity since inception. BetaKit reported a $550M post-money valuation (reported). Float stayed independent.
The agent assigns GL and Canadian tax codes to card transactions for Professional plan customers. The vendor claims 95 percent precision in beta.
BetaKit reported that Float, Wise, Koho, Paramount and Brim joined Payments Canada and can apply for access to payment systems including the planned real-time rail (reported).
Two facilities from Silicon Valley Bank and an unnamed tier-1 Canadian bank, to fund Business Account interest and the Charge credit product, per Float's release.
The Bank of Canada registry lists Float Financial Solutions Inc. as Registered under the Retail Payment Activities Act with this registration date. No bank charter application was found.
CAD and USD accounts with no monthly fee, funds held in trust and CDIC insurance wording, per Float's release.
Float FAQ
The Essentials plan is $0 per user per month and Professional is $10 per user per month in Canadian dollars (published, checked 11 October 2026). Professional bills only active users, starts at $100 a month and includes the first 10 users. Enterprise is by quote.
The Business Account has no monthly fee and no minimum balance. EFT, ACH and SEPA payments are free, wires are $20, converting between CAD and USD costs 0.25 percent, and international payments carry a 1.5 percent markup on the exchange rate (all published, checked 11 October 2026).
Example: a company on Professional with 12 active users, 4 wires a month and CAD $50,000 converted to USD would pay $120 for the plan, $80 in wire fees and $125 in FX fees, about $325 a month. That figure is an Audit Friendly estimate built from the published rates.
Float's Terms of Service (last updated August 2026) let either side end the agreement with at least 30 days' written notice. Any amounts owed to Float fall due on termination. Within 30 days after termination Float will return or delete customer data, at the customer's option, subject to legal retention rules.
Money leaves by a withdrawal request to support; the site says funds take 2 to 5 business days to reach the connected bank account (checked 11 October 2026). Plan the cutover around that window.
For history, the platform offers custom exports, and the public API returns account transactions, card transactions, bills, payments, reimbursements, receipts, vendors and recipients. Float does not publish a step-by-step closing checklist or a list of statement formats on its marketing or legal pages, so ask support for both before starting.
Float is built for businesses established in Canada; its CAD transfer terms limit that service to Canadian businesses. The site has pages for solopreneurs, startups, small businesses, mid-market companies and non-profits. The application is online with no branch visit.
The site says the application takes about 5 minutes and lists account setup as 1 day; the cards page says business verification takes under 24 hours, with no credit check and no personal guarantee (checked 11 October 2026). One customer quoted on the site reports a fully active account 48 hours after sign-up. Each invited user completes identity verification.
Charge, the credit product, has a higher bar: at least CAD $50,000 in cash on hand and either 12 months of operating cash or consistent profitability, with non-profits and cryptocurrency businesses excluded. Float does not publish a full list of accepted entity types or excluded industries for the account itself.
An agent can read data and maintain accounting lists, and it cannot send money. Float has a public REST API with an OpenAPI schema and webhooks (docs.floatfinancial.com, checked 11 October 2026). It has no first-party MCP server, so a developer must build the connector.
Through that API an agent can read account balances, account and card transactions, bills, payments, reimbursements and receipts. It can write accounting lists such as GL codes, tax codes, custom fields and vendors, set the accounting stage and posting date on card transactions, and mark bills and reimbursements as synced. It cannot write coding onto a single transaction; the accounting guide says spenders do that in the Float app. The payments endpoints only list and retrieve.
No documented endpoint creates or releases a payment, issues a card or withdraws funds. Two endpoints do touch controls: the bulk bill update can set a bill's status to PENDING_APPROVAL, PENDING_PAYMENT_APPROVAL or MARKED_AS_PAID, and the user endpoint can create users in any of six roles, including administrator. The docs do not say how those calls interact with approval policies, so ask Float before giving an agent a token. Payments are approved by people in the Float app, where the site says invoice approval and funds release can be split between two users.
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